During an address at the Chatham House London, House Speaker Nancy Pelosi stated that the Capitalist economy of the US had not served the nation as well as it should have. The remarks made by Pelosi on the Capitalistic system and how it has failed to do much for the American nation sounded much like an excuse for the Biden Administration’s failures during the first year of his presidency.
Pelosi is the very first female speaker of the House flatly stated that the US economy deserves better than what the Capitalist system has done for it in her more than 30 years in Congress. It needs to be improved, ignoring it. Pelosi claimed that about four decades ago, the US economy flourished in Stakeholder Capitalism. The rise in productivity was followed by the pay increases for the CEOs and the workers, but the system has now been replaced by Shareholder Capitalism the opposite happens. The CEO’s salary rises as productivity rises, but the worker’s pay stagnates, expanding the wage gap between the CEO and the worker overtime.
With that being said, Pelosi went on to praise Biden’s foreign policy at Cambridge Union. Her comment was to overshadow the flood of criticism on Biden’s Afghanistan debacle in which billions of American Dollars were wasted and left for the Taliban to flaunt. A recent poll suggested that 65% of the people disapprove of Biden’s job in Afghanistan, and only 31st people approve of it. A drastic 65% disapproval of his job is not surprising and Pelosi blaming capitalism for the US’s dipping economy is a petty move.